The shares opened at 46 sen which was 10 sen higher than its initial public offer (IPO) of 36 sen.

Speaking at the press conference, executive director and chief executive officer of Eversafe Rubber, Cheah Siang Tee said, “With this listing, we intend to continue strengthening the Company’s financial position and continue to create value for our brand globally in order to benefit our worthy shareholders.”

The group also aims to increase contribution from overseas by 75 per cent in the next three years from the current 60 per cent on the back of its expansion plan.

Cheah said the company planned to enter the North American market in the next three years and continue to grow its existing markets, which also included New Zealand, Australia and South America.

“We are going to have a new warehouse facility in the Eastern Europe during the second half of the year to better serve our customers. It would most likely be in the Baltic area, which would have access to the port,” he told reporters after the company’s listing.

Cheah said the company had also registered its brand name in South and Central America to protect its brand in the region.

The IPO exercise entails a public issue of 48.0 million Issue Shares and 30.0 million Offer Shares at an issue price of RM0.36 per share. The company had garnered an oversubscription rate of 68.88 times during its balloting.

The IPO proceeds raised amounting to RM17.28 million will be predominantly used for new manufacturing lines and enhanced automation systems (72.8 per cent), establish Intellectual Property Rights (IPR) and overseas branding initiative (8.7 per cent) as well as defrayment of listing expenses (18.5 per cent).

These strategies are in line with the group’s two-pronged growth theme which includes growing overseas markets as well as enhancing product quality.